UK: Temporary Non-Residence Regulations 2013
A new statutory instrument SI 2013/1810 has been issued by the UK Government in relation to the temporary Non-Residents (Miscellaneous Amendments). The Government announced its intention to introduce a Statutory Residence Test from 6 April 2013 in
See MoreHungary: Increased financial transactions and mining tax rates
The Hungarian Parliament passed legislation in late June 2013. The legislation is planned to increase the tax collections and other supports so that the government could meet its target for a balanced national budget. According to the legislation a
See MoreIndonesia: Issued regulations on tax rates for Small and Medium Enterprises
The government of Indonesia issued Regulation No. 46/2013 on 12 June 2013 named as The Regulation for Taxation of Small and Medium Enterprises. This will be effective from 1 July 2013. As per the regulation issued a final tax rate of 1% will be
See MoreTaiwan: Parliament Passes Revised Capital Gains Tax on Stocks
The Government amendment to the Income Tax Act on 26 June 2013, which would drop the plan for an 8,500-point TAIEX threshold that automatically triggers the capital gains tax for individual investors, a move expected to boost the stock market. Under
See MoreIsrael: Budget for the FY 2013-2014
Israeli cabinet has approved the Budget for fiscal year 2013-2014. The VAT rate has been raised to 18% as from June 1, 2013 (previously 17%). The corporate income tax rate has been increased to 26% from 25% and the personal income tax rate will be
See MoreTanzania: Tax proposals for 2013 budget
The Tanzanian Budget for 2013 was presented to the National Assembly by the Minister of Finance and key changes made by the Budget proposals are summarized below: Reduction of the minimum tax rate for individuals from 14% to 13%. Abolition of a
See MoreUnited States: IRS publishes quarterly list of individuals who have expatriated
The US Internal Revenue Service (IRS) has published a quarterly notice with a list of US citizens and long-term US residents who have renounced their citizenship or residency for US federal tax purposes. The Notice is required under section 6039G
See MoreFrance-Modification to capital gains tax regime
The President of France announced on 29 April 2013 that the tax regime on capital gains is to be modified. To encourage entrepreneurship the government will simplify the different existing regimes. Since 1 January 2013, occasional capital gains on
See MoreAustralia: Publication of changes in Pension Taxation
The Australian government has published a plan for the tax exemption on pension earnings in superannuation accounts to be capped at $100,000, with any amounts above that threshold to be taxed at 15%. Currently a 15% tax applies to earnings from
See MoreSweden: Record number of taxpayers filing electronically
Online individual tax returns filing, or by text message or phone is available in Sweden. This offers advantages for taxpayers such as earlier receipt of tax refunds due, and helps the tax administration by reducing compliance costs. The Swedish tax
See MoreSingapore: Budget for 2013
The Budget for 2013 was presented to Parliament by the Finance Minister on 25 February 2012. The Budget aims at increasing productivity and growth. Major changes include income tax rebates and restructuring of the Progressive Property Tax Regime
See MoreIndia: Budget for 2013
According to the Indian Budget 2013, the Government is considering for following major tax initiatives: the introduction of a Direct Tax Code (DTC), a goods and services tax (GST) and General Anti-Avoidance Rules (GAAR). The main changes are
See MoreNetherlands: New income tax allowances and tax rates for 2013 published
The 2013 income tax rates and allowances which apply at the BES Islands were published In the Official Gazette of 5 February 2013, Decree No. DB 20103-38M of 30 January 2013. For the year 2013 the tax rate for income from a substantial interest is
See MoreAzerbaijan: Exemption of interest from individual income tax on savings deposits
The Parliament of Azerbaijan approved Law No. 542-IVD on 28 December 2012. According to this law interest paid on saving deposits of individuals in banks and other credit institutions is exempt from individual income tax for the period of one year.
See MorePortugal: New withholding tax rates
The Official Gazette of Portugal published Order 796-B/2013 of the Ministry of Finance on 14 January 2013. Order 796-B/2013 approved the new withholding tax tables for personal income tax. The new withholding tax rates are applicable to employment
See MoreSlovakia: Amendments to the Income Tax Act
Slovakia's Parliament has passed legislation raising corporate and personal taxes from the beginning of 2013. The rate of corporate income tax would increase to 23% from 19%. Dividends paid out of profits generated before 1 January 2004 are subject
See MoreImportant tax amendments in Greece in 2013
A very important tax amendment has been passed by Greece’s Parliament regarding income and corporate tax. In the new tax bill the corporate income tax rate has been increased from 20% to 26% in 2013. But the good news is the reduction of the
See MoreMalta: Taxation of directors’ fees clarified
The tax authority of Malta clarifies the tax treatment of fees received by non-resident directors from companies resident in Malta. For this clarification, Malta tax authority has released a guidance note. Where the company is a resident, income
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